GDI Property Group (ASX: GDI) reported 1H22 Results for the 6 months to 31 December 2021.
Key points from the result include:
- FFO up 7.9% driven by higher occupancy at Westralia Square, Perth WA
- Management is focused on re-leasing as a key priority to improve portfolio occupancy of 70.5% and to drive earnings.
- Leasing enquiries are picking up following the easing of WA restrictions due to COVID-19.
- No earnings guidance from management, however distributions are to be maintained at 7.75 cpu, with a portion being paid out of capital. Low debt allows balance sheet support until earnings return.
- An attractive distribution yield of 7.5% at current price levels.
Core Property maintains an ACCUMULATE recommendation.
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